Next Generation Farming
Nearly 300 million acres of U.S. farmland are expected to change hands in the next 20 years. Beyond the transfer of land, and the often-complex succession planning process, investing in the next generation involves the transfer of skills and knowledge. Now’s the time to cultivate multigenerational success through asset, resource and financial stewardship.
How are you showing up on the farm? Do your actions meet up with your goals? Rena Striegel, a farm succession planning consultant, encourages the next generation of on-farm leaders to do some self-reflection.
Focusing on marketing and margins will help farming’s next generation protect against the ”unknown unknowns,” says Alan Brugler, a market analyst and adviser.
In 2022, when Alex Harrell cut his land base in half, yield instantly became even more crucial. Little did he know, the next year he’d break the soybean record. Drones play a big role in his high-management approach.
Formulating your farm’s succession plan is likely not a straight line. Polly Dobbs, an Indiana attorney who is part of a seven-generation farm family, says it’s important to stay focused on your end goals.
The clock is ticking — and the current estate-tax exemption is set to plummet at the end of 2025. The smaller exemption coupled with inflation and land values likely means increased assets and estate-tax rates.
We asked previous awardees of the Top Producer Next Gen Award to reflect on lessons they’ve experienced in business and management.
Machinery Pete shares five thoughts for young farm leaders.
In the heart of the Arkansas delta, Hallie Shoffner has a legacy to uphold. As a sixth-generation farmer in a town incorporated by her ancestors, she’s spent the past five years as an entrepreneur and business manager.
When the four Hansen brothers came back to the small family dairy farm in Hudson, Iowa, which had operated since 1864, things needed to expand. Hansen’s Dairy has since taken ‘side hustle’ to a whole new level.
The math and mental gymnastics to truly understand how much risk your farm can handle can be exhausting, but it can be calculated with enough what-if scenarios.